Morning Minutes 11/12/2018

Oil and Gas Soar to Start the Week

November 12, 2018
8:45 am EDT

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Market Commentary By:
Colin Cieszynski, CFA, CMT
Chief Market Strategist
ccieszynski@siawm.com
+1 (647) 282-4428

Signs from the weekend that OPEC is prepared to defend the price of oil around $60.00/bbl for WTI hinting over the weekend toward a potential supply cut next year. WTI is up 1.5% and Brent is up 2.1% to trade back up above $60.00/bbl and $70.00/bbl respectively.

The other big story today is that the price of Natural Gas continues to soar with winter arriving early in many regions. Natural Gas is up another 4.3% today trading above $3.80/mmbtu. The price is now up more than $1.00/mmbtu or 36.6% since its September 17th low of $2.81.

It’s a partial holiday in many countries today with stock markets open but banks and government offices closed. Because of this, stock market trading and economic/corporate news flow have been light. Asia Pacific markets finished slightly positive while European indices and US index futures have been slightly negative, the biggest loss among major indices coming in Germany where the Dax is down 1.4%.

 

SIA Wealth In The Media:

Chief Market Strategist Colin Cieszynski was quoted by Dow Jones’ Marketwatch.com talking about natural gas prices

Natural gas rallies to highest finish in nearly 2 years

Chief Market Strategist Colin Cieszynski was quoted by Kitco News on the gold price outlook

Gold Investors Need To Keep An Eye On Oil Prices Next Week

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